We use cookies to customise content for your subscription and for analytics.If you continue to browse Lexology, we will assume that you are happy to receive all our cookies. For further information please read our Cookie Policy.

In March 2015 the Upper Tribunal upheld FCA’s decision to fine Tariq Carrimjee of Somerset Asset Management LLP £89,004 for failing to escalate the risk that a client (Mr Goenka) could have committed market abuse. FCA has issued a further decision notice against Tariq Carrimjee prohibiting him from performing the compliance oversight (CF10) and money laundering reporting (CF11) significant influence functions in relation to any regulated activity carried on by any authorised or exempt person or exempt professional firm. Whilst FCA says it is satisfied that Mr Carrimjee would not repeat his mistakes were the same facts to arise, it considers that Mr Carrimjee lacks the fundamental skills and judgement to discharge the CF10 function effectively were he to be faced with novel and unfamiliar circumstances. It thinks a ban relating to the CF11 function is also necessary because of the close parallels between the skills, judgements and capabilities required for CF10 and CF11 functions. (Source: FCA Bans Former Compliance Officer in Relation to Market Abuse Failings)